Walmart-Backed Flipkart to Invite Banks to Pitch for IPO in April

Flipkart Prepares for Potential IPO

Flipkart Internet Pvt, the e-commerce company backed by Walmart Inc, is set to initiate the formal process for banks to pitch for work on its potential initial public offering (IPO) as early as next month, according to sources familiar with the matter.

The company has already engaged in informal talks with investors and bankers to gauge interest in a listing in Mumbai, with an IPO potentially taking place later this year or early 2027. However, deliberations are at an early stage, and details such as timing may change.

If the IPO proceeds, it is likely to include a secondary share sale by existing investors, including Walmart, with Flipkart utilizing the proceeds to expand its business. The company has a registered customer base of over 500 million and has become one of India's largest e-commerce platforms since its founding in 2007.

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Flipkart's valuation stands at $35 billion following a 2023 purchase of Tiger Global Management's remaining stake. The company has received government approval to shift its domicile from Singapore to India, a key step towards a listing in the country.

Key Financial Highlights

• Registered customer base: 500 million
• Valuation: $35 billion
• Acquisition value: $16 billion
• Stakeholding: Walmart (77%)

Competitive Landscape

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Flipkart competes with Amazon.com Inc., Reliance's JioMart, and Tata Group in India's vast online retail market. The company also owns other platforms, including fashion retailer Myntra and travel booking site Cleartrip.